The issue of who counts as wealthy tends to get the most attention when Washington starts contemplating tax hikes. Most Americans think “the rich” should pay more to the IRS—the trick is figuring out how to define those loaded so-and-sos. The most basic way to do it: look at the income distribution and pick a cutoff. According to the World Top Incomes Database, a household income of about $113,000 lands you at the top 10th, while $394,000 makes you a bona fide member of the 1 percent. You could reasonably argue that anybody who earns above those thresholds is, in a sense, rich—or at least makes a relatively uncommon amount of money.
Posted on: Tue, 02 Sep 2014 16:17:02 +0000
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